South Africa FX-Rigging Case Against 20 Banks Dealt Setback

South Africa’s Competition Tribunal ordered antitrust investigators to clarify charges of currency manipulation against more than 20 banks, drawing out a four-year legal battle, Reuters reported. The Tribunal, which oversees antitrust cases, found deficiencies in referrals prepared by the Competition Commission and gave the body 40 days to redraft its accusations, according to a statement on Wednesday. However, it also rejected attempts by banks to dismiss the case. Most banks had complained about the vagueness of the case brought by the commission and asked authorities to dismiss the allegations. Standard Bank Group Ltd. said there was no evidence that it had participated in collusion and that the case was so contradictory and vague, the Johannesburg-based lender didn’t know how to respond. Read more